Вы находитесь на странице: 1из 18




1.1 Background of the study

Capital is an important and critical resource for all companies. The capital resources can be
divided into two main categories, namely equity and debt. Equity arises when
companies sell some of its ownership rights to gain funds for operation and investing
activities. Debt is a contractual agreement, whereby companies borrow an amount of
money and repay it with interest within a stimulated time frame. There are many
definitions given to capital structure of companies. Brealey and Myers (1991) defined
capital structure as comprising of debt, equity or hybrid securities issued by the firm.
Schlosser (1989) defined capital structure as the proportion of debt to the total capital
of the firms. Haugen and Senbet (1988) defined capital structure as a choice of firms
between internal and external financial instruments. Bos and Fetherston (1993)
pointed out that capital structure, being total debt to total asset at book value,
influences both profitability and riskiness of the firm. From the definitions given by
many previous researchers, capital structure can be referred to as “the mixture of
sources of funds a firm uses” (debt, preferred shares, and ordinary shares). The
amount of debt that a firm uses to finance its assets is called leverage​. A firm with a
lot of debt in its capital structure is said to be highly levered. A firm with no debt is
said to be unlevered. When financial leverage increases, it may bring better returns to
some existing shareholders but its risk also increases as it causes financial distress and
agency costs (Jensen and Meckling, 1976). The cost of financial distress can be both
direct and indirect. The bankruptcy cost is an example of direct financial distress cost
while extraordinary 2 administrative costs, loss of trade credit, loss of sales and key
personnel are examples of indirect financial distress costs. Therefore, optimal capital
structure is determined by the trade-off between benefits and costs of debt financing.
The benefits are typically tax savings and the costs are financial distress and agency
costs (Titman and Tsyplakov, 2004). An appropriate capital structure is a critical
decision for any business organization. The decision is important not only because of

the need to maximize returns to the shareholders, but it is also important because of
the impact of such decision on an organization’s ability to deal with its competitive
environment (Simerly and Li, 2002). Over the past several decades, theories on a
firm’s capital structure choice have evolved along many directions, with many models
being built to explain a firm’s financing behavior. The theories suggest that firms
select capital structure depending on attributes that determine the various costs and
benefits associated with debt and equity financing. Prior to 1958, the traditional
capital structure theory ( the Naïve Theory ) was based on the idea of weighted
average cost of capital (WACC) principle, which states that companies issue debt in
order to reduce their WACC as debt is considered less costly than equity (Prace,
2004). The modern capital structure theory was later developed since the publication
of capital structure irrelevancy framework by Modigliani and Miller1 (American
Economic Review, 1958). They argued that a firm couldn’t change the value of its
outstanding securities by changing the proportions of its capital structure. Modigliani
and Miller concluded that in a world without taxes, the value of the firm and also its
overall costs of capital were independent of its choice of capital structure. A later
study in 1963 by MM concluded that by incorporating corporate tax, the market value
of a firm is increased and the overall cost of capital is reduced to the point of interest
being tax deductible.
1“Capital structure is the composition of the debt and equity security and is
considered as financing decision undertaking by the financial manager. The financial
manager must strive to obtain the best financing mix or optimum capital structure for
his\her firm. The firm attains capital structure where the debt equity proposition
maximizes the market value of the shares. The uses of debt affect the return and risk
of the equity shareholders. It increases the return on equity fund and at the same time
it also increases risk. A proper balance must be strike between the risk and return in
order to maximize.

A firm’s total assets are financed from equity and debt. Equity capital is owners’
money and consists of common stock, paid in capital and retained earnings. Debt is
borrows money and can be classified as short-term debt and long-term debt. thus,
liabilities and equity section of balance sheet is composed of short-term debt

,long-term debt and equity. The composition of short-term debt, long term debt and
equity is called financial structure. In other words, the financial structure is the mix of
short-term debt, long-term debt, preferred stock and common equity. Thus, it consists
of the entireItems in liabilities and equity side of balance sheet of a firm.
The term
capital structure is used to refer the mix of long-term source of capital. long-term
debt and equity capital are the long-term source of capital. In other words, capital
structure is the composition of long term sources of financing. We can for the
explanation, the concept of financial structure and capital structure of a firm from
the balance sheet of a hypothetical firm.

1.1.1 Origin and Evaluation of Banks:

The term bank derives from the Italian World Bank refers to the bench on which the banker
would keep its money for lending and exchanging. Some person tract its or origin
from the Latin word Bancus which refers to the bench on which the banker would
keep its money and his record it is believed that the ancestors of modern banking
system were merchants goldmiths and money lenders. Modern banking showed its
seed in the medieval Italy despite strong Christian prohibitions against charging
interest. The first bans called the bank of Venice were established in Venice Italiyan
1157 A.D to finance bank of Genoa was establish in 1401 and 1408 respectively.
After that bank of Amsterdam was established in 1609A.D when the bank of England
was established in 1940 it played the vital role for the development of modern

1.1.3 Banking History of Nepal

On the modern time bank is one of the important financial institution dealing with
money credit and financial assets. In other words, it is an institution which deals with
money by accepting various types of deposit from the depositor under various deposit
schemes thereby allowing interest on them and also lending loans as mortgage to
deficit unit for productive use by charging interest bank accepts various types of

deposits from depositor which are repayable on demand on the short notice. Thus it
helps in Mobilization of cash from saver groups to user groups (Rana,2009)

According to (Basnet,2007), The initiation of formal banking system in Nepal

commenced with the establishment in 1937 of Nepal Bank Limited (NBL), the first
Nepalese commercial Bank. The county's central bank, Nepal Rastra Bank(NRB) was
established in 1956 by Act of 1955, after nearly two decades of NBL having been in
existence. A decade after the establishment of NRB, Rastriya Banijya Bank(RBB), a
commercial bank under the (HMG/N) was established. Thereafter,HMG/N adopted
open and liberalized policies in the mid 1980s reflected by the structural adjustment
process, which included privatization, tariff adjustments, liberalization of industrial
licensing, easing of terms of foreign investment and more liberal trade and foreign
development of the domestic financial system both in terms of number of financial
institutions reached 17 and their branches numbered 375. A total of 60 finance
companies and other Devenopment Banks and numerous credit cooperatives have also
been established. Total financial asstes in 2004/2005 reached around 54.09 percent of
GDP and the M2/GDP ratio, which shows the financial sector development of
financial deepening increased from in 12.4 percent in 1975 to 50.9 percent in 2000.
In the context of banking development, the 1980s saw a major
structural change in financial sector policies, regulations and institutional
developments. HMG/N emphasized the role of the private sector for the investment in
the financial sector. The financial sector liberalization, started already in the early
eighties with the liberalization of the interest rates, encompassed further deregulation
of interest rates, relaxation of entry barriers for domestic and foreign banks, their
portfolio management. These policies opened the doors for foreigners to enter into
banking sector under joint venture. Consequently, the third commercial bank in
Nepal, or the first foreign joint venture bank, was set up as Nepal Arab Bank Ltd
(now called as NAMIL Bank Ltd.)in 1984.

1.1.4 Growth of Banks


According to (Sapkota, 2012), As Nepalese financial sector expanded, financial

institutions felt a need to differentiate form each other. As a result, the degree of
homogeneity in the market gradually declined. The expansion of financial market can
be credited to some major communication and computation, as well as the cost of
acquiring, processing, and storing information. Deregulation has removed artificial
barriers preventing entry of competition between products, institutions, markets and
jurisdictions. Finally, the as the banking sector expanded and new avenues opened up
in the financial market, there was rapid credit growth especially from the year
2006-07 to 2009-10. It is no coincidence that the increase in number of financial
institutions such as development banks and finance companies occurred at the same
time as the increase in credit. Large number of banks popped in the later years to
complete for the rising amount of remittance flowing to the country. As the income
flowing from outside the country increased, the financial sector opened up to new
levels to exploit the money and make profits.

1.1.5 Concept of Commercial Banks in Nepal

The commercial banks are those banks, which are established to accept deposits and
grant loan to the industries, individual and traders with a view to earn profit. Apart
from financing, they also render services like collection of bills and cheques,
safekeeping of valuables, financial advising etc. to their cistomers. Although bank can
be categorized into different types on the on the basis of its functions of commercial
bank all over the world are same of Basic functions are various types of deposits
facility namely currently saving and fixed safety of public money remittance of
money guarantee locker facilities letter of credit loans serving as agent of credit
foreign exchange etc.(Sapkota, 2012)

The commercial banks of Nepal also do all these functions. Mainstream function of
commercial bank remains the mobilization rigid and scattered saving of public for
providing credit to needy firm industry of people to get productive use. All other
function can be said as auxiliary function. Commercial banks is a profit oriented
financial service institution certain of the interest is given to the deposits and certain

rate of interest is charge by the bank in the loan facility. The second charge interest
rate is higher than the first . It is the main earning of the bank.(The project report for
According to Nepal company act 2031 BS A commercial bank refers
to such type of bank which deal in money exchange accepting deposit advance loan
and commercial transaction expect specific banking related to co-operative agriculture
industry and other.

1.2 Profile of sample organization.

NIC ASIA Bank has its antecedents in NIC Bank which was established on 21​st July
1998. The Bank was rechristened as NIC ASIA Bank after the merger of NIC Bank
with Bank of Asia Nepal on 30​th June 2013. This was a historic merger in the annals
of Nepalese financial landscape as the first of its kind merger between two successful
commercial banks in the country. Today, NIC ASIA has established itself as one of
the most successful commercial banks in Nepal.

During the post-merger integration phase, NIC ASIA managed the transition very
smoothly receiving accolades from the regulators as well as the stakeholders, paving
the way for other mergers and consolidation in the Nepalese financial sector. After the
merger, NIC ASIA was recognized as ”​Bank of the Year 2013-Nepal” by The
Banker, Financial Times, UK. This is the second time that the Bank was recognized
with this prestigious award, the previous occasion being in 2007.

NIC ASIA Bank is now, one of the largest private sector commercial banks in the
country in terms of capital base, balance-sheet size, number of branches, ATM
network and customer base.The Bank has 270 branches, 37 extension counters,
22 branch less banking and 289 ATMs across Nepal with a network covering all
major financial centers of the country. The Bank strongly believes in Meritocracy,
Transparency, Professionalism, Team spirit and Service Excellence. These core

values are internalized by all functions within the Bank and are reflected in all actions
the Bank takes during the course of its business.

NIC ASIA Capital Limited is a 100% subsidiary of NIC ASIA Bank Limited. NIC
ASIA Capital was incorporated under the Companies Act 2007 of Nepal and is
licensed by the Securities Board of Nepal to undertake Merchant Banking activities
which includes services like Issue Management and Underwriting, Registrar to Share,
Depositary Participant and Portfolio Management.

NIC ASIA Bank Limited, one of the parent company, is a "A" Class financial
institution licensed by Nepal Rastra Bank. NIC ASIA Bank is one of the largest
private sector commercial banks in the country in terms of capital base, balance-sheet
size and number of branches, ATM network and customer base. The Bank has more
than 255 branches across Nepal with a network covering all major financial centers of
the country. The Bank has also added a Microfinance Company, "NIC ASIA
Microfinance" in its echosystem. The Bank strongly believes in meritocracy,
transparency, professionalism, team spirit and service excellence. These core values
are internalized by all functions within the Bank and its subsidiaries that include NIC
Asia Capital Limited.

Mission and Vision


“To become one of the leading Investment and Merchant Bank in Nepal"


“To provide innovative and best investment solution and excellent growth opportunities as a
good Corporate Citizen”

1.3 Objectives of the study.


The main objective of this study is to analyze the capital structure and it’s affects on the risk
and returns of the NIC ASIA Bank in the context of Nepal. The specific objectives are
given below:-
1. To measure the relationship between debt and equity capital of the NIC ASIA Bank.
2. To know the ideal capital structure for NIC ASIA Bank Ltd.
3. To know the impact of capital structure in its per share earning.
1.4 Rationale of the study

The study has multidimensional significance which can be defined into four broader

▪ Its important to the shareholders: ​The study will helpful to aware the
shareholders regarding the financial performance of their banks.
▪ Its importance to the management: ​The study will helpful to go deep into
the matters as to why the performance of their banks is better than their competitor.
▪ Its importance to the policy makers: ​Policy makers have referred to the
government and Nepal Rastra Bank and management. The study will helpful to them
while formulating the policy regarding commercial banks.
▪ Its importance to outsiders: ​Among outsiders, mainly the customers,
financing agencies, stock exchange and stock traders are interested in the performance
of banks and the customers both can identity to which banks they could go. The
financial agencies can understand where the funds are more secured and stock
exchanges, stock broker can find the relative worth of stock of each bank.

1.5 Literature Review

This chapter deals with review of literature. Review of literature means reviewing research
studies or other relevant propositions in the related area of the study so that all the past
studies their conclusions and deficiencies may be known and further research can be
conducted. Since completely new and original problems are rare. It is necessary to show
how the problem under investigation relates to previous research work done under
similar topic, however a previous study not be exactly replicated. It is believed that the
review of literature is literature which is helpful to show the need of research work and

to justify the work. It tries to clear the conceptual through and bank related terms. This
chapter is dividing into different parts which arrange into the following order:-
conceptual review
review of previous work
research gap

1.5.1Conceptual review
This section is discuss briefly about theoretical concept regarding the theories capital
1.5.2 Review of previous work
Capital structure of a company consists of debts and equity securities which provide funds for
a firm. A simple capital structure consists of equity shares and preference share. But a
complex capital structure consists of multi securities as equity, preference shares,
debentures, bonds etc.

“Capital structure of the firm is the permanent financing representing by long term debt,
preferred stock and shareholder's equity. Thus, a firm’s capital structure is only part of
its financial structure (Weston and Brigham 1978:565)

“Sound capital structure is requiring operating business smoothly and achieving the business
goal. Capital structure is concerned with analyzing the capital composition of the
company” (Weston and Brigham 1978:555)

“capital structure refers to the mix of long term sources of fund, such as debenture, long term
debt, preference shares capital and equity share capital including reserves and surplus
i.e. retained earning”(pandey 1999:718)]

Debt capital
It includes all long term borrowing incurred by the firm. Debenture, bonds, long term loan
etc. are major sources of debt or borrowed capital. A firm employs subtotal amount of
debt capital of tax deductibility of interest payments, flexibility, and lower effective
cost. However excess amount of debt exposes high risk.
Equity capital

It consists of the long term fund provided by the firm’s owners, the stock holders. In other
words, equity capital includes common stock, paid in capital of share premium,
reserve and surplus and retains earning. Joint Stock Company can be established with
no equity financing, preferred stock is neither purely a debt nor equity.

Assumption of capial structure

To explain the different theories, the assumptions of capital structure are:

i) The ratio of debt to equity for a firm is changed by issuing debt to repurchase
stock or issuing stock to pay off debt.
ii) The firm has a policy of paying 100% of it’s earning in dividends. I.e. no
retain earning. Thus we abstract from the dividend decision.
iii) The expected value of the subjective probability distribution of expected
future operating earning for each company is the same for all investors in the
iv) The operating earning of the firms is not expected to grow. The expected value
of the probability distributions of expected operating earning for all future
periods are the same as present operating(VH.2002:2053\54)
v) There are only two sources of funds under by a firm’s perpetual risk less debt
and ordinary shares.
vi) The total financing remains constant. The firm can change its degree of
leverage (capital structure) either by selling shares and use the proceeds to
retire debenture of by raising more debt and reduce the equity capital.

1.5.3 ​Research gap

Today’s world is marketed by rapid changes and developments, as such researchers
conducted a few years back may not be adequate to explain current phenomena. Thus
continuous attempt needs to be taken and new researcher and conducted to build our
existing knowledge base, interpret and analyze events in the face of dynamism. Most
of the past research studies about profit planning system are basically related to the
profit planning system of manufacturing organization or production oriented

activities. The researcher could find some study so far that has been related to profit
planning system of commercial bank in NIC ASIA Bank, Himalayan bank Rastriya
Banijya Bank, Nepal Investment Bank, Standard Chartered Bank, Nabil bank This
study may be a new study in this field as no study has been made profit planning of
NBBL. In the past financial institution were depends only the interest margin in
present economic dynamism only the interest margin is not sufficient to improve
profitability so this researcher has tried to analyzed the extra ordinary items of income
generation in financial institution. To find the new developments and to bridge the
gap between the past research and the present situation, I set out to conduct the
research in this stimulating topic. I have been through many literature reviews and
given my best to fulfill this work. In my research effort had been made to understand
the Profit Planning and control in commercial bank and I hope this research will be
fruitful for future researchers as reference.

To explain different theories, following assumptions are of the capital structure:-

1. The ratio of debt to equity for a firm is changed by issuing debt to

repurchase stock or issuing stock to pay off debt.
2. The firm has a policy of paying 100% of it’s earning in dividends. I.e.
no retain earning. Thus we abstract from the dividend decision.
3. The expected value of the subjective probability distribution of
expected future operating earning for each company is the same for all investors in the
4. The operating earning of the firms is not expected to grow. The
expected value of the probability distributions of expected operating earning for all
future periods are the same as present operating(VH.2002:2053\54)
5. There are only two sources of funds under by a firm’s perpetual risk
less debt and ordinary shares.
6. The total financing remains constant. The firm can change its degree of
leverage (capital structure) either by selling shares and use the proceeds to retire
debenture of by raising more debt and reduce the equity capital
1.6 Research Method

1.6.1 Types of research

Basically there are different types of research and they are basic research, applied research,
descriptive research, exploratory research, experimental research, historical research,
grounded theory research etc. Mainly categories on two part are.
A) Basic or fundamental research
B) Applied research

A) Basic or fundamental research

This research is con​ducted largely for the enhancement of knowledge, and is research which
does not have immediate commercial potential. The research which is done for human
welfare, animal welfare and plant kingdom welfare. It is called basic, pure,
fundamental research. The main motivation here is to expand knowledge of man, not
to create invent something. According to Travers,’’ basic Research is designed to add
to an organized body of scientific knowledge and does not necessarily produce result
of immediate practical value.’’
B) Applied research
Applied research is designed to solve practical problems of modern work rather than to
acquire knowledge’s sake .The goal of applied research is to improve the human
condition .It focuses on analysis and solving social and real life problem. This
research is generally conducted on a large scale basis and expensive. As such, it is
often conducted with the support of some financing agency like the national
government, public corporation, world bank, UNICEF, UCG, etc. According to
Pauline V. Young’’ Generating knowledge that could aid in the betterment of human
benefit is term as applied research.

1.6.2 Population and sample

At present there are 28 commercial banks operating in Nepal. Among them, NIC ASIA Bank
Limited has been taken as a sample for the study. This sample bank is the pioneer
leading bank. Financial statements of last five fiscal years from F/Y 2070/071 to
2074/075 have been taken as sample data for evaluating working capital management.

1.6.3 Types of data

Data collection is the most essential factor in report writing. Data collections are the most
important thing for the project work, which we compile and convert them into one sole
repot. These data can be obtained either from the primary or secondary sources.
A) Primary data
The data, which are originally collected by the investigator or an agent for the purpose of
statistical enquiry, are known as primary data. These data are obtained by study
specially designed to fulfill the data needs. Primary data can obtain by applying the
following interviews:

-​ Direct Personal interviews

- Indirect interviews

- Information from correspondence

- Mailed questionnaire methods etc.
B) Secondary data
The data, which are originally collected but obtained from pre-published or already listed
sources, are secondary data. In this project all the secondary data are used to calculate
the different ratios by using financial tools are given in chapter four. Mainly in our
project only the secondary data are used.
This study will be conducted on the basis of the secondary data for the characteristic study
annual report of selected banks. The annual report submitted by different commercial
banks to Nepal Rastra Bank is taken as a secondary data. From the website of Nepal
Rastra Bank ​www.nrb.gov.np​. Some other data are directly taken the website of
respective bank of their own. These data are published by respective banks. The
secondary data published by the bank in respective website of purpose bank. Some of
the website we have taken data are :–
Himalayan Bank Limited www.himalayanbankltd.com.np
From the above's sources organization description financial statement (Viz. Balance sheet and
P\L a\c ) are taken from the purpose of study.

Supporting data and information will be obtained from the head office of selected banks,
booklets, documents, other published and unpublished material, thesis, newspaper
an-mail internet, financial statement, annuals reports and from Nepal stock exchange,
security exchange board and other related office.

1.6.4 Data collection procedure

Particularly the study will base on the data available from Nepal Himalayan Bank. Such a
concentration for this bank only is simply because of easy access upon their reliable data.
For example my own class mates are working as staff in Himalayan Bank,.

The study will be based on secondary data provided by bank and other relevant sources. The data
will be collected from the balance sheet, profit and loss a\c, stock exchange, security
board, Nepal Rastra Bank and informal enquires from the bank’s personnel. The Problem
of the study lies on the issues related to the position of capital structure of Himalayan
Bank. Because of liberal policy adopted by the government, financial institution has been
emerging in the country. The sampled banks have been facing threats from such
institutions. Therefore, the study has been conducted to examine the effects of capital
structure of the bank.
For the purpose, various data are required. With the view of obtaining the data, researcher made
several visits of the sampled bank, in first visit, the researcher consulted the concerned
authority of the bank and explained about above mentioned problem, objectives of the
study. Here, the required data have been collected from the secondary sources. Needed
information was given by the concerned staff of himalayan Bank. Furthermore, list of
questions was also given to them which helped me to get necessary data, facts and
figures. Not only was this, for the study direct questions also asked.

1.6.5 Instruments
As mention earlier this study will be confined to analysis of capital structure of NIC ASIA
Bank. To research the objective the collected data will be computed and analyzed
using financial ratio like long term debt total assets ratio, total debt to total assets
ratio, total debt to total equity ratio, total equity to total assets ratio. Microsoft word,
Microsoft excel is used to perform calculation and presentation for the analysis.

1.6.6 Techniques of Analysis

As mention earlier this study will be confined to analysis of capital structure of the few
selected commercial banks in Nepal. To research the objective the collected data will
be computed and analyzed using financial and statistical tools but in this project only
the financial tool is used which is as follows-
A) Financial tool
B) Statistical tools
This study is confined to examine effects of capital structure position of Himalayan bank.
Therefore the data have been collected accordingly and managed, analyzed and
presented in suitable tables, formats, diagrams, graphs, and charts. Such
presentation have been interpreted and explained wherever necessary. Financial,
mathematical and statistical tools are used to analyze the presented data, which
includes ratio analysis, percentage, regression analysis, Test of goodness of fit of the
regression estimates, correlation, mean, standard deviation, coefficient of variance

A) Financial tools
Financial tools are those, which are used for the analysis and interpretation of financial data.
These tools can be used to get the precise knowledge of a bank, which in turn, are
meaningful in exploring effects and profitability position of current assets and
liabilities. In this research study various financial tools are employed for the analysis.
The main focus will be on Ratio Analysis. Ratio analysis is the most important tools
of the financial analysis, which help to ascertain the financial conditions of the
organizations. Profitability ratios are employed and grouped for the analysis of
profitability position of Himalayan bank.
Following financial tools have been used to analyze the data in this study:
● Ratio Analysis:
Ratio analysis helps to summarize the large quantities of financial data and to
make quantitative judgments about the firm's capital structure profitability position of
bank. By ratio analysis we study the arithmetical relationship of two data, in this study,
we have of the Bank.

# Long Term Debt to Total Assets Ratio

​# Total Debt to Total Assets Ratio

​# Total Debt to Total Assets Ratio

# Total Equity to Total Assets Ratio

1.7 Limitations

This study is mainly covered in the activity of NIC ASIA Bank. With related Ratio analysis.
Comparative study of Ratio has been also mentioned. This study is not free from
limitation. Here, following are major limitation of study.

1. The study is based on the published annual report of NIC ASIA Bank.
2. The field work report can't be precise because almost all the data are secondary.
3. The study period covers only fiscal year of 2070/71 to 2074/2075.
4. Study is mainly depended on ratio analysis.
5. The study has not paid any attention towards the fund flow and cash flow.
6. This study is conducted financially rather technically.



2.1 Data presentation

This is the most important chapter of the study. This chapter constitutes the most crucial part
of the study. In this chapter the data collected will be analyzed and presented

mathematically. All the above mentioned financial and statistical tools will be used to
present the data. It provides mechanism for meeting the basic objectives stated earlier
in the metrology described in the first chapter in order to attain the objectives.

2.1.1 ​Long term debt to total assets ratio

The long term debt to total assets ratio measures the percentage of long term debt to total
assets used in the bank. So, it is the percentage of long term debt among the total assets
of the bank. The long term debt to total assets ratio is calculated as:

Long trem debt to total assets ratio=

Table 2.1.1

Fiscal years Long trem debt Total assets

2074/75 60,00,00,000 99,86,30,08,080 0.60%

2073/74 60,00,00,000 82,80,15,50,614 0.72%

2072/73 60,00,00,000 73,50,45,69,870 0.81%

2071/72 60,00,00,000 69,78,65,23,003 0.86%

2070/71 60,00,00,000 64,76,89,65,430 0.93%